Reason for this visit

South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African forex market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of forex control, the participants in the real economy can utilize forex characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of forex derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 forex futures and 15 forex options products.

In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of forex derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners gain a more comprehensive understanding of forex brokers in South Africa, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to South Africa to visit forex broker Intrepid Capital as planned according to its regulatory address that Corner House, Cnr 10th Avenue and Wessel Rd., Rivonia 2191.

The investigators came to the Corner 10th Avenue and Wessel Road in Rivonia of Johannesburg, South Africa, and located the Corner House, an iconic commercial building, at the street corner. Additionally, Rivonia is a bustling and vibrant suburb of Johannesburg, renowned for its upscale residential area, business center, and its quality educational facilities.

Upon arrival at the tower for further investigation, the survey personnel spotted an outdoor directory that displayed three companies, including Dreadnought Capital, Profica, and Macdonald & Company, but not Intrepid Capital. According to their websites, they had nothing to do with Intrepid Capital.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to South Africa to visit forex broker Intrepid Capital as scheduled, but did not find the company at its regulatory address. It indicates that the broker does not have a physical business office at the location. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.